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Nvidia (NVDA) Crushes Q1 Earnings Estimates, Revenue Surges 66%

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Nvidia Corporation (NVDA - Free Report) just released its latest quarterly financial results, posting non-GAAP earnings of $2.05 per share and revenues of $3.21 billion.

Currently, NVDA is a Zacks Rank #3 (Hold), but that could change based on today’s results. Shares of the company have gained about 13% over the past month, including a 1.7% gain during regular trading hours today.

The stock is currently down 2.2% to $254.63 per share in after-hours trading shortly after its earnings report was released.

Nvidia:

Beat earnings estimates. The company posted adjusted earnings of $2.05 per share, crushing the Zacks Consensus Estimate of $1.65. Investors should note that this consensus projection has remained flat over the duration of the quarter. Non-GAAP earnings per diluted share improved 141% year over year.

Beat revenue estimates. The company saw revenue figures of $3.2 billion, topping our consensus estimate of $2.91 billion. Total revenue gained 66% from the year-ago period.

Gaming revenue increased 68% to touch $1.72 billion. Datacenter revenue surged 71% to reach a quarterly record of $701 million. Professional Visualization and Automotive revenues gained 22% and 4%, respectively.

“We had a strong quarter with growth across every platform,” said Jensen Huang. Our datacenter business achieved another record and gaming remained strong.”

Nvidia said it returned $746 million to shareholders during the quarter through a combination of $655 million in share repurchases and $91 million in quarterly cash dividends. It expects to return a total of $1.25 billion in fiscal 2019.

Nvidia said it expects revenue for the second quarter of fiscal 2019 to be $3.10 billion, plus or minus 2%. Prior to the report, our consensus estimate was calling for Q2 revenue to be $2.97 billion.

Here’s a graph that looks at Nvidia’s recent earnings performance:

NVIDIA Corporation Price, Consensus and EPS Surprise

NVIDIA Corporation Price, Consensus and EPS Surprise | NVIDIA Corporation Quote

Nvidia Corporation is a worldwide leader in graphics processors and media communications devices. The company designs graphics processing units for the gaming, professional, and cryptocurrency markets, as well as system on a chip units for the mobile computing and automotive markets. Nvidia has shifted toward a platform-based model, with focuses on gaming, professional visualization, datacenters, and auto.

Check back later for our full analysis on NVDA’s earnings report!

Want more market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!

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